At its meeting on September 16-20, 2019, the IAASB approved the revisions to ISA 315 (Revised), as well as the related conforming amendments. The revised ISA will be effective for audits of financial statements for periods beginning on or after December 15, 2021. Once the Public Interest Oversight Board’s confirmation that due process was followed is received, the Board will formally release the standard.

In finalizing ISA 315 (Revised), the Board continued to focus on the understandability and complexity of the ISA, as well as the iterative nature of the standard. The Board continued to discuss the threshold for identifying risks of material misstatement and agreed the supporting guidance for this as a conforming amendment to ISA 200. The Board also recognized that support is critical when initially applying the changes to ISA 315 (Revised) and will further consider the most appropriate actions in providing this initial support. The Board also acknowledged the need to monitor implementation challenges as they arise.

Review the summary, including the podcast, on the IAASB's Web site.